At TWP, we see the role of managing wealth as being split between Wealth Accumulation and Wealth Preservation.
Wealth Accumulation
Often more applicable to our younger clients with a greater investment time horizon.
- Long term savings objectives such as for retirement or children’s education.
- Many of our clients pay income tax at rates of 40 or 50%. These higher levels of tax represent a serious threat to accumulating wealth.
- The death or serious illness of a loved one or of a key business employee can impact hugely on the finances of the family or a profitable business.
- A robust and relevant investment strategy is a key requirement.
Wealth Preservation
Typically of interest those of our clients who are at the pre and post retirement stage, and have built substantial pension funds or perhaps have sold their businesses.
- A fundamental area for consideration is Estate Planning. With the HMRC taking 40% in Inheritance Tax (and 55% in surplus pension pots), one’s wealth needs careful planning.
- A further threat to accumulated wealth is the spiralling cost of long term care provision. This area of financial planning is becoming increasingly important as the Baby Boomer generation grows older.
- A robust and relevant investment strategy is a key requirement.
Each facet of managing wealth needs careful and creative planning to mitigate the threats to its creation and preservation. At TWP, we treat our clients as individuals and seek to deliver a bespoke solution to managing their wealth by working with independent tax and legal professionals.